Electricity used for "Cryptocurrency Mining" will be billed at business electricity rates in Vietnam

19:39, 10/07/2024

The Ministry of Industry and Trade (Hanoi, Vietnam) has just issued Official Dispatch 1402/BCT-DTDL to the Vietnam Electricity regarding the guidance on implementing electricity pricing for cryptocurrency decoding and mining activities.

After receiving the Official Dispatch from Vietnam Electricity, Central Power Corporation, Ho Chi Minh City Power Corporation, Hanoi Power Corporation, and the feedback from the State Bank, the Ministry of Industry and Trade has provided guidance on electricity pricing for electric power used in "virtual currency mining" activities as follows:

- The activities of decoding and mining virtual currencies such as bitcoin, litecoin, ethereum, and several other virtual currencies are service activities through solving algorithms to verify transactions on the network.

- Therefore, the electricity price for this amount of electric power will be the retail electricity price for business purposes.

More details can be found in Official Dispatch 1402/BCT-DTDL issued on February 22, 2018.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

0 lượt xem

- This translation is generated by OpenAI's GPT-4o model;
- The legal regulations in this article are according to Vietnamese Law;
- This English translation is for reference purposes only and not a definitive translation of the original Vietnamese texts;
- Articles may be compiled from a variety of sources;
- Applicable Terms may have expired at the time you are reading;
- If you have any questions about the copyright of the article, please contact us via email banquyen@lawnet.vn